The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (95566)	7/11/2008 3:52:47 PM
From: Keith Feral	Read Replies (1) of 110194

The shareholders are pretty much screwed at this point. The only serious question is what happens if the bonds go under. FNM and FRE are now controlled by the bond bullies, just like the auto companies and airlines. FRE would have been a helluva trade from $4 to $8 this morning. I don't see anyway the writedowns in the mortgage sector will end this quarter. WB said they expected $3.8 billion worth of writedowns for the entire year at the end of last quarter. They just preannounced $4 billion worth of writedowns for the second quarter. Even worse, their cash went from $75 billion to $17 billion. How do you lose 75% of your cash in 1 quarter?

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